Investors have grown cautious as Tether reconsiders the size of a planned funding round, amid skepticism over reports that the firm was being valued at roughly $500 billion, the Financial Times reports. The El Salvador–registered company had at one point explored raising as much as $20 billion — a sum that would have placed it alongside the most valuable private companies such as SpaceX or OpenAI. After pushback from potential backers, Tether is now weighing a much smaller raise, with reports suggesting a target closer to $5 billion.
CEO Paolo Ardoino described the $20 billion figure as a misunderstanding, saying it reflected an upper limit Tether might offer rather than a firm target. He added that the firm would be content even if it sold no equity and emphasized that Tether does not urgently need new capital given its profitability.
Tether reported strong results for Q4 and the full year 2025, posting more than $10 billion in net profit, increasing excess reserves to $6.3 billion, and holding nearly $193 billion in total assets that continue to exceed liabilities. USDT circulation reached a record $186 billion following nearly $50 billion of new issuance during the year.